The firm’s bottom line took a significant hit from a $24 million income tax provision. CFO Tracy Farr characterized this tax burden as an anomaly, noting that the elevated rate is not representative of the expected full-year trajectory. Following the release of these figures, company shares fell nearly 7% in premarket trading.

Revenue in Lazard’s financial advisory business slid 9% to $450 million, reflecting an uneven recovery for investment banks. While periods of market stability often spur acquisitions and public listings, persistent bouts of uncertainty continue to delay major transactions. Conversely, asset management provided a strong counterweight, with revenue climbing 20% to $351 million. Lazard achieved its best first-half net inflows in nearly two decades, pushing total assets under management to a record $285 billion, up from $248 billion a year ago.